UTI board says no dividend for US-64

There’s more bad news for unitholders of US-64 scheme. Unit Trust of India for the first time in its history has decided not to declare...

There’s more bad news for unitholders of US-64 scheme. Unit Trust of India for the first time in its history has decided not to declare any dividend for its flagship scheme US-64 for the year ending June 30, 2002.

The decision to skip US-64 dividend was one among a number of crucial decisions taken by the UTI board at a marathon meeting on Friday. In another crucial move, the UTI board also cleared the accounting policies for UTI to enter trading in stock futures.

UTI had paid 10 per cent dividend for US-64 scheme last year. Prior to this, it used to pay 20 per cent dividend for several years.

Story continues below this ad

UTI chief gets extension

NEW DELHI: UTI chairman M. Damodaran is set to get a two-year extension. The finance minister has cleared the files for extension, which was ending in July. He was initially appointed chairman for one-year. (ENS)

The board said that dividend was not possible because the government has been providing budgetary support to the unitholders to the extent of gap between the net asset value (NAV) and the repurchase price decided on July 15, and effective from August 1, 2001.

In addition, there was also the commitment of Rs 10 per unit on May 31, 2003 in respect of units in excess of 5,000 units per unit holder. UTI said if dividend was to be announced it would increase the gap between the NAV and the repurchase prices determined as part of the special package for the unitholders and further increase government’s budgetary commitment.

India-US deal, India-US trade deal, grand bargain on oil, New Jersey Governor Phil Murphy, Phil Murphy, importing Russian oil, Russian oil, Piyush Goyal, Trump Tariffs, trump tariff impositions, India-US ties, trade war, us trade war, donald trump, reciprocal tariffs, Trump India trade deal, India US tariff cuts, Trump India tariffs announcement, India US trade agreement, Modi Trump trade talks, India US economic relations, India lowers tariffs for US, US India trade negotiations, Trump Modi tariff deal, India US import export policy, Trump on India tariffs, US India business ties, trade war India US, India trade policy changes, India US tariff reduction, Indian express news, current affairs

India-US deal could involve a grand bargain on oil: New Jersey Governor

Business3 hr ago

Governor Phil Murphy of New Jersey, a prominent Democratic leader, opposes President Trump's decision to impose steep tariffs on allies. However, he believes there is room for negotiation in the India-US trade deal and supports measures against Russia. Murphy also expresses concern over the H-1B visa issue and hopes for a quick solution.

View all shorts

Live Blog

PHOTOS